KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday welcomed the launch of the HBL, UnionPay International and PayPak co-badged debit card, saying the initiative marks another milestone in advancing Cashless Pakistan and strengthening the country’s digital payments ecosystem.

Speaking at the launch ceremony, the governor said the new debit card combines Pakistan’s domestic payment infrastructure with the global reach of UnionPay International, enabling customers to make secure and convenient transactions both locally and abroad.

He said the partnership supports the SBP’s long-term vision of developing PayPak into a secure, affordable and locally governed payment system capable of meeting the needs of Pakistan’s growing digital economy.

Governor Ahmad said the initiative aligns with SBP Vision 2028 and the government’s Cashless Pakistan Initiative, which aim to promote financial inclusion, expand digital payments and build a more resilient financial system.

He stressed that digital transformation extends beyond reducing cash usage and focuses on creating an ecosystem where individuals and businesses can conduct payments safely, efficiently and seamlessly.

Highlighting the country’s progress in digital finance, the SBP governor said Pakistan has recorded strong growth in digital payment adoption over the past year.

He said the volume of retail digital transactions increased from 6.9 billion to nearly 12 billion, while the number of active merchants grew from around 500,000 to more than 2 million.

Governor Ahmad added that mobile banking application users have reached nearly 137 million, while the share of home remittances received through digital channels rose from 80% to 92%.

He said these figures reflect growing public confidence in digital financial services and demonstrate Pakistan’s steady transition towards a cash-lite economy.

The governor emphasised that domestic payment platforms, including PayPak and Raast, should remain at the centre of Pakistan’s digital financial infrastructure.

He said the country’s payment ecosystem must continue evolving alongside technological advances while maintaining high standards of security, reliability and resilience.

Governor Ahmad added that PayPak should become the preferred choice for domestic debit card issuance, while co-badged cards can provide customers with international payment capabilities when needed.

Calling for greater collaboration across the financial sector, he urged banks, digital banks, fintech companies, payment service providers and merchants to expand digital payment acceptance, strengthen cybersecurity and improve customer awareness.

He said the successful launch of the HBL, UnionPay International and PayPak co-badged debit card demonstrates the value of cooperation between domestic and international payment networks.

According to the governor, the partnership will encourage innovation, strengthen financial inclusion and accelerate Pakistan’s transition towards a secure and digitally connected payment ecosystem.